Fixed Deposits

Best OCBC Fixed Deposit Promotions & Rates in Singapore – MoneySmart Review 2019

ocbc fixed deposit promotions

Joanne Poh


Looking for a low risk investment vehicle that is virtually stress free? Then a fixed deposit might be for you. There are plenty of fixed deposit promotions in the market, but if your motto is “local is best”, then you might be looking for the best local bank to place your savings in.

Let’s see how OCBC’s fixed deposits measure up against others.


OCBC fixed deposit rates

OCBC fixed deposits
Minimum sum $20,000 $20,000
Tenure 6 months 12 months
Promotional interest rate 1.55% 1.7%

*Until 30 April 2019 


OCBC fixed deposit promotions

If you’re wondering why these fixed deposit rates actually look quite decent currently, that’s because OCBC is running a promotion until 30 April 2019.

Under this promotion, you’ll enjoy a 1.7% interest rate on 12-month fixed deposits, or 1.55% on 6-month fixed deposits. The catch is that you need to have at least $20,000 to qualify.

OCBC fixed deposits are best for people looking for a short tenure fixed deposit and who have at least $20,000

While the OCBC fixed deposit rates aren’t exactly the best in town, they are okay when you consider how short the tenures are.

Honestly, you can find better short tenure fixed deposit rates out there, but if you prefer to use a local bank and can only lock away your money for 6 months, this is probably your best option out there.

So, go for the OCBC fixed deposit only if this sounds like you:

  • You are looking for a short tenure fixed deposit
  • You have at least $20,000 to spare, and
  • You prefer to use a local bank


OCBC fixed deposit vs OCBC 360 savings account

So, you’ve got some cash lying around and want to get a better interest rate on it. Well, a fixed deposit with OCBC might not be the best option. In fact, the OCBC 360 savings account can actually offer better interest rates if you use it right.

With the OCBC 360 savings account, you can earn up to 1.8% bonus interest on your first $35,000. To qualify for that interest rate, you will need to credit a salary of at least $2,000 (+1.2%) every month, spend at least $500 on OCBC credit cards (+0.3%) and increase your monthly balance by $500 (+0.3%) every month. Now, remember, this is just bonus interest. You also get the base interest rate of 0.05%, bringing your interest rate to 1.85%.

If you get OCBC insurance or invest with the bank, you can also receive an additional 0.6% bonus interest, bringing your total bonus interest to a maximum of 2.4%, or a total interest rate of at least 2.45%. However, as you need at least $20,000 to do so, this option might not be available to everyone.

On your next $35,000 (ie. $35,000 to $70,000), the bonus interest rises to a maximum of 3.2% (3.25% with base interest) for crediting your salary, spending on OCBC credit cards and increasing your account balance, or up to 4.4% (3.25% with base interest) if you also insure or invest with OCBC.

These interest rates are much more attractive than what the OCBC fixed deposit can offer. So, if you can satisfy the requirements for the bonus interest, it’s a better idea to simply save money in your OCBC 360 Account than to get an OCBC fixed deposit.

Do you currently have fixed deposits in your investment portfolio? Share your recommendations in the comments!


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Joanne Poh

In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.